Building Details

Year built 1947

Floors in Building 2

Roof type Composition

Listing Agency: eXp Realty, LLC o***@exprealty.net Show Phone

Listed By: Shawn Richardson · License #201210661 Show Phone

Added: May 22 Changed: Oct 9 Last Checked: Oct 10 at 10:06AM

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MLS# 686347205

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Investment Insights

Based on property information with market context.

This 5,291-square-foot restaurant property includes a commercial kitchen, established bar area, dining space, and onsite parking. The building was constructed in 1947 and is equipped with forced-air heating, central air, and a composition roof. The property is zoned NPC-C and occupies 1.3 acres.

Located at 28405 Salmon River Highway in Grand Ronde, the property sits near Spirit Mountain Casino and benefits from access to Oregon Coast, Salem, McMinnville, and Willamette Valley travel routes. Its current restaurant and bar configuration supports continued hospitality use, while the existing improvements provide a foundation for other stated commercial concepts, including a brewery, taproom, cafe, lounge, or event venue.

Key Highlights

• 5,291‑square‑foot restaurant property on 1.3 acres
• Commercial kitchen, bar area, dining space, and onsite parking
• Located near Spirit Mountain Casino in Grand Ronde

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$73,143

Cap Rate

6.10%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,462,860 $1.5M

Cap Rate 7%

$1,044,900 $1.0M

Cap Rate 9%

$812,700 $812.7K

Market Conditions

NOI Build-Up for 5,291 SF

Gross rent

$101.6K $19.20/SF

− Vacancy

−$4.1K −$0.77/SF

EGI

$97.5K $18.43/SF

− OpEx

−$24.4K −$4.61/SF

NOI

$73.1K $13.82/SF

Area

Polk County, OR

Vacancy

4.00%

Lease Rate

$19.20 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,462,860

Cap Rate 7%

$1,044,900

Cap Rate 9%

$812,700

Alternative Uses

Best Use

Specialty Retail

$1.04M

$914.3K – $1.22M (±1% cap)

NOI $73,143 @ 7.0% cap · market cap 6.10%

Second Best

Industrial

$723.8K

$633.3K – $844.5K (±1% cap)

NOI $50,667 @ 7.0% cap · market cap 4.22%

Theoretical Best

Office A

$1.40M

$1.23M – $1.64M (±1% cap)

NOI $98,336 @ 7.0% cap · market cap 8.19%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Conventional restaurants

Suggested Use

Top Pick Electrical Service (Bike/Boat/Book/etc) Store Storage Facility Grocery & Convenience Store Parking Lot & Garage Food Market

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

31

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 97347, OR

2,187

Population

752

Households

2.9

Avg Household Size

43

Median Age

4%

College-Educated

74%

High-School Grad

47.3 sq mi

ZIP Area

46

Density / Sq Mi

$41,250

Median Household Income

$30,758

Median Earnings

$754

Median Rent

$249,500

Median Home Value

Market

Vacancy Rate% for Retail in West region

7% 2020

6.3% 2021

5.5% 2022

5.3% 2023

5.5% 2024

5.8% 2025

Questions? Ask Rey

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What type of property is this? Where is this conventional restaurants located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Conventional restaurant - Operating hospitality property with commercial kitchen, dining area, bar, and onsite parking along Salmon River Highway.

Where is this conventional restaurant located?

The property is located at 28405 SALMON RIVER Hwy Grand Ronde, OR.

What is the asking price?

The asking price for this property is $1,200,000.

What are key features of this property?

This property features: 5,291‑square‑foot restaurant property on 1.3 acres; Commercial kitchen, bar area, dining space, and onsite parking; Located near Spirit Mountain Casino in Grand Ronde